{"id":131248,"date":"2021-07-06T01:04:02","date_gmt":"2021-07-06T01:04:02","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131248"},"modified":"2021-07-06T01:04:02","modified_gmt":"2021-07-06T01:04:02","slug":"respect-financial-watchdog-independence-uk-lawmakers-tell-ministry","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/respect-financial-watchdog-independence-uk-lawmakers-tell-ministry\/","title":{"rendered":"Respect financial watchdog independence, UK lawmakers tell ministry"},"content":{"rendered":"
The City of London financial district can be seen as people walk along the south side of the River Thames amid the coronavirus disease (COVID-19) outbreak in London, Britain, March 19, 2021. REUTERS\/Henry Nicholls\/File Photo <\/figcaption>

LONDON (Reuters) – Britain\u2019s finance ministry should avoid crimping the independence of financial regulators by overloading them with requests for post-Brexit rule amendments, UK lawmakers said on Tuesday.<\/p>\n

Having fully left the European Union at the end of December, Britain can now write its own financial rules as it seeks to sharpen London\u2019s competitiveness as a leading global financial centre.<\/p>\n

Some shareholder groups have suggested this could lead to lower standards, but Tuesday\u2019s report from parliament\u2019s Treasury Select Committee said that the independence of regulators from political interference must remain a key element of UK financial services regulation.<\/p>\n

\u201cThe committee does not believe there is compelling evidence for legislating to allow ministers the absolute right to see regulators\u2019 policy proposals before they are published for consultation,\u201d the report said.<\/p>\n

\u201cRegulators must be free to choose what they share with the Treasury.\u201d<\/p>\n

A call from some lawmakers to impose a broad requirement on regulators to take the City\u2019s global competitiveness into account when fashioning rules made little headway.<\/p>\n

Instead, the ministry now has powers to require, if need be, the Financial Conduct Authority to \u201chave regard\u201d to certain factors such as competitiveness or climate change when designing rules for a specific activity.<\/p>\n

\u201cBut the government should be sparing in its approach,\u201d the report said, adding that such demands are already forcing regulators to choose which factors to prioritise.<\/p>\n

Britain has slotted rules inherited from the EU into UK law and the report backs plans to shift them into FCA rulebooks, meaning that a time-consuming change in law would not be needed for future adjustments, allowing regulators to respond nimbly to market evolution.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The City of London financial district can<\/p>\n","protected":false},"author":3,"featured_media":131247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nRespect financial watchdog independence, UK lawmakers tell ministry - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/respect-financial-watchdog-independence-uk-lawmakers-tell-ministry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Respect financial watchdog independence, UK lawmakers tell ministry - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The City of London financial district can\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/respect-financial-watchdog-independence-uk-lawmakers-tell-ministry\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-06T01:04:02+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/07\/Respect-financial-watchdog-independence-UK-lawmakers-tell-ministry.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/respect-financial-watchdog-independence-uk-lawmakers-tell-ministry\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/respect-financial-watchdog-independence-uk-lawmakers-tell-ministry\/\",\"name\":\"Respect financial watchdog independence, UK lawmakers tell ministry - 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